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Guyana Would Welcome the Entry of Chevron Into Its Oil Industry

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Exxon,Guyana,Crude Oil

Guyana's President has said that the country would welcome Chevron joining the major oil projects that its peer Exxon is currently developing.

Guyana would welcome U.S. firm Chevron joining the major oil projects that its peer Exxon is currently developing offshore the South American country, Guyana’s President Irfaan Ali has told the Financial Times. Chevron has proposed a multi-billion all-stock transaction to buy U.S. firm Hess, which is a minority partner of Exxon in Guyana’s prolific Stabroek block with a 30% stake.

Chevron, for its part, claims the ROFR doesn’t apply to mergers and to this case. “Chevron and Hess believe that ExxonMobil’s and CNOOC’s asserted claims are without merit,” Chevron said in an SEC filing, which cites a letter to shareholders by Hess.

 

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